Impac Mortgage Holdings, Inc. engages in the provision of mortgage and real estate solutions. It operates through the following segments: Mortgage Lending, Real Estate Services, and Long-Term Mortgage Portfolio. The Mortgage Lending segment offers mortgage lending product through lending channels, retail, wholesale and correspondent, retains mortgage servicing rights, and warehouse lending facilities. The Real Estate Services segment performs servicing, and provides loss mitigation services for securitized long-term mortgage portfolio. The Long-Term Mortgage Portfolio segment consists of residual interests in securitization trusts. The company was founded by Joseph R. Tomkinson in August 1995 and is headquartered in Irvine, CA.
Company profile
Ticker
IMH, IMPHP, IMPHO
Exchange
Website
CEO
George A. Mangiaracina
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
IMPERIAL CREDIT MORTGAGE HOLDINGS INC
SEC CIK
Corporate docs
Subsidiaries
Impac Funding Corporation • IMH Assets Corp. • Copperfield Capital Corporation. • Integrated Real Estate Service Corporation • IRES owns 100% of Impac Mortgage Corp. ...
IRS number
330675505
IMH stock data
Investment data
Securities sold
Number of investors
Calendar
15 May 22
9 Aug 22
31 Dec 22
Financial summary
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| Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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| Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
|---|---|---|---|---|---|---|
| Cash on hand (at last report) | 76.07M | 76.07M | 76.07M | 76.07M | 76.07M | 76.07M |
| Cash burn (monthly) | (no burn) | (no burn) | 4.06M | 2.02M | (no burn) | (no burn) |
| Cash used (since last report) | n/a | n/a | 17.48M | 8.71M | n/a | n/a |
| Cash remaining | n/a | n/a | 58.6M | 67.36M | n/a | n/a |
| Runway (months of cash) | n/a | n/a | 14.4 | 33.3 | n/a | n/a |
Recent insider trades
| Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 Mar 22 | George A. Mangiaracina | Common Stock | Sell | Dispose S | No | Yes | 0.7161 | 6,200 | 4.44K | 242,604 |
| 24 Feb 22 | Tiffany Entsminger | Common Stock | Sell | Dispose S | No | Yes | 0.75 | 1,087 | 815.25 | 20,483 |
| 24 Feb 22 | Justin Moisio | Common Stock | Sell | Dispose S | No | Yes | 0.751 | 1,067 | 801.32 | 19,058 |
| 24 Feb 22 | George A. Mangiaracina | Common Stock | Sell | Dispose S | No | Yes | 0.7332 | 20,460 | 15K | 248,804 |
| 24 Nov 21 | Trust, dated May 31, 2011 RHP | Common Stock | Sell | Dispose S | No | No | 1.3 | 675,000 | 877.5K | 3,625,000 |
Institutional ownership, Q1 2022
25.2% owned by funds/institutions
| 13F holders | Current |
|---|---|
| Total holders | 30 |
| Opened positions | 5 |
| Closed positions | 3 |
| Increased positions | 6 |
| Reduced positions | 5 |
| 13F shares | Current |
|---|---|
| Total value | 5.88M |
| Total shares | 5.4M |
| Total puts | 0 |
| Total calls | 10.3K |
| Total put/call ratio | – |
| Largest owners | Shares | Value |
|---|---|---|
| Pickup Richard H | 2.4M | $3.1M |
| HighTower Advisors | 837.84K | $629K |
| MS Morgan Stanley | 600.69K | $451K |
| Vanguard | 435.9K | $327K |
| Pickup Todd M | 234.4K | $713K |
| Bridgewater Advisors | 112.63K | $84K |
| Geode Capital Management | 90.2K | $67K |
| Renaissance Technologies | 89.97K | $67K |
| BLK Blackrock | 88.85K | $66K |
| Blair William & Co | 73.47K | $55K |
Financial report summary
?Management Discussion
- For the year ended December 31, 2021, net loss was $3.9 million, or $0.22 per diluted common share, as compared to net loss of $88.2 million, or $4.15 per diluted common share in 2020. For the quarter ended December 31, 2021, net earnings were $3.6 million, or $0.15 per diluted common share, as compared to net loss of $2.2 million, or $0.10 per diluted common share in the fourth quarter of 2020, and net earnings of $2.1 million, or $0.08 per diluted common share, in the third quarter of 2021.
- Net loss for the year ended December 31, 2021 decreased to $3.9 million as compared to $88.2 million for the year ended December 31, 2021. The year over year decrease in net loss was primarily due to a $51.3 million increase in gain on sale of loans, net, a $28.5 million decrease in loss on sale of mortgage servicing rights, net, as well as a $9.7 million increase in other income. The increase in gain on sale of loans, net for 2021 was due to origination volumes increasing to $2.9 billion, with margins of 225 basis points (bps), as compared to $2.7 billion in originations in 2020, with margins of approximately 51 bps. Margins increased year over year primarily due to the aforementioned temporary suspension of lending in 2020, as well as an increase in NonQM production. The decrease in loss on sale of mortgage servicing rights, net was due to a $28.5 million reduction as a result of the sale of $4.2 billion in unpaid principal balance (UPB) of Freddie Mac and GNMA MSRs in the second and third quarters of 2020 resulting in losses of $6.5 million, as well as losses of $22.0 million resulting from changes in fair value of MSRs as a result of prepayments and prepayment assumptions during 2020. Additionally, other income increased $9.7 million year over year primarily due to a decrease in residual discount rates on the long-term mortgage portfolio.
- For the year ended December 31, 2021, core loss before tax (as defined below) was $12.4 million, or $0.58 per diluted common share, as compared to core loss before tax of $58.7 million, or $2.76 per diluted common share, in 2020. For the quarter ended December 31, 2021, core loss before tax was $5.0 million, or $0.23 per diluted common share, as compared to core earnings before tax of $3.3 million, or $0.16 per diluted common share, for the fourth quarter of 2020,
Content analysis
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H.S. junior Avg
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New words:
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Removed:
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Financial reports
Current reports
8-K
Amendments to Articles of Incorporation or Bylaws
15 Jul 22
8-K
Entry into a Material Definitive Agreement
23 Jun 22
8-K
Impac Mortgage Holdings, Inc. Announces First Quarter 2022 Results
12 May 22
8-K/A
Entry into a Material Definitive Agreement
5 May 22
8-K
Entry into a Material Definitive Agreement
29 Apr 22
8-K
Departure of Directors or Certain Officers
4 Apr 22
8-K
Entry into a Material Definitive Agreement
22 Mar 22
8-K
Impac Mortgage Holdings, Inc. Announces Year End 2021 Results
11 Mar 22
8-K
Submission of Matters to a Vote of Security Holders
7 Jan 22
8-K
Submission of Matters to a Vote of Security Holders
24 Nov 21
Registration and prospectus
SC TO-C
Information about tender offer
1 Aug 22
S-4/A
Registration of securities issued in business combination transactions (amended)
1 Aug 22
SC TO-C
Information about tender offer
15 Jul 22
S-4
Registration of securities issued in business combination transactions
15 Jul 22
425
Business combination disclosure
23 Jun 22
425
Business combination disclosure
16 May 22
425
Business combination disclosure
12 May 22
425
Business combination disclosure
5 May 22
425
Business combination disclosure
29 Apr 22
S-8
Registration of securities for employees
13 Jul 20
Proxies
PRE 14A
Preliminary proxy
15 Jul 22
DEFA14A
Additional proxy soliciting materials
23 Jun 22
DEFA14A
Additional proxy soliciting materials
5 May 22
DEFA14A
Additional proxy soliciting materials
29 Apr 22
DEFA14A
Additional proxy soliciting materials
30 Apr 21
DEF 14A
Definitive proxy
30 Apr 21
DEFA14A
Additional proxy soliciting materials
8 Jun 20
DEFA14A
Additional proxy soliciting materials
28 May 20
DEFA14A
Additional proxy soliciting materials
28 Apr 20
Other
EFFECT
Notice of effectiveness
20 Dec 19
UPLOAD
Letter from SEC
19 Dec 19
CORRESP
Correspondence with SEC
15 Dec 19
CERT
Certification of approval for exchange listing
24 Oct 19
UPLOAD
Letter from SEC
27 Nov 17
CORRESP
Correspondence with SEC
14 Nov 17
UPLOAD
Letter from SEC
30 Oct 17
EFFECT
Notice of effectiveness
28 Dec 16
CORRESP
Correspondence with SEC
27 Dec 16
UPLOAD
Letter from SEC
27 Dec 16
Ownership
4
IMPAC MORTGAGE / GEORGE A. MANGIARACINA ownership change
3 Mar 22
4
IMPAC MORTGAGE / GEORGE A. MANGIARACINA ownership change
28 Feb 22
4
IMPAC MORTGAGE / JUSTIN MOISIO ownership change
28 Feb 22
4
IMPAC MORTGAGE / TIFFANY ENTSMINGER ownership change
28 Feb 22
3
IMPAC MORTGAGE / JON GLOECKNER ownership change
19 Jan 22
SC 13D/A
IMPAC MORTGAGE / PICKUP RICHARD H. ownership change
29 Nov 21
4
IMPAC MORTGAGE / Trust, dated May 31, 2011 RHP ownership change
29 Nov 21
4
IMPAC MORTGAGE / RICHARD H. PICKUP ownership change
29 Nov 21
SC 13D/A
IMPAC MORTGAGE / PICKUP RICHARD H. ownership change
15 Oct 21
4
IMPAC MORTGAGE / Trust, dated May 31, 2011 RHP ownership change
15 Oct 21
Transcripts
2021 Q4
Earnings call transcript
11 Mar 22
2021 Q2
Earnings call transcript
13 Aug 21
2021 Q1
Earnings call transcript
10 May 21
2020 Q4
Earnings call transcript
12 Mar 21
2020 Q3
Earnings call transcript
8 Nov 20
2020 Q1
Earnings call transcript
26 Jun 20
2019 Q2
Earnings call transcript
10 Aug 19
2019 Q1
Earnings call transcript
11 May 19
2018 Q4
Earnings call transcript
15 Mar 19
2018 Q3
Earnings call transcript
10 Nov 18
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